Jakarta, CNBC Indonesia – Export of palm oil (crude palm oil/CPO) reached 25 million tonnes. One of the biggest export destinations is Russia.
Data from the Central Statistics Agency (BPS) shows that in terms of volume, Indonesia’s CPO exports in 2022 will decline by 2.4% to 25.01 million tons. In contrast, in terms of value, exports increased to US$ 27.77 billion. Its value rose 3.8% from 2021 which was recorded at US$ 26.76 billion.
Indonesia’s largest CPO market is still held by India followed by China, Pakistan, the United States (US), Bangladesh and Malaysia. The next sequence is Egypt, Russia, Vietnam, and Italy.
Of the top 10 main destinations, the largest increase was recorded by India, which was 61.83%, while the largest decrease was Egypt, which was 34.4%.
What’s interesting is that exports to Russia have reached 607,694 tons with a value of US$ 742.53 million in 2022. In terms of volume, Indonesia’s exports only fell 4.04% while the value increased by 12.3%.
The decline in export volume to Russia is understandable because its economy collapsed after the Russian-Ukrainian war broke out on February 24, 2022.
However, this decline is relatively small when compared to the decline in the Russian economy. The Russian economy has entered a recession after recording contractions for two consecutive quarters in the second and third quarters of 2022.
The following are the top 10 Indonesian CPO markets in 2022:
